Partners Ltd operates a car manufacturing plant. It has decided to purchase a 100 per cent interest in Sole Ltd. a manufacturing company. The cost of the acquisition is $5,000,000 plus associated legal costs of $10,000. As at the date of acquisition, the statement of financial position of Sole Ltd shows: $ S $ Assets Current assets Cash 110,000 Accounts receivable 60,000 Provision for doubtful debts (10,000) 50,000 Inventory 140.000 Total current assets 300,000 Non-current assets Buildings, at cost 700,000 Accumulated depreciation-buildings (150,000) 550,000 Plant and equipment 400,000 Acc. depreciation plant and equipment (100.000) 300,000 Total non-current assets 850,000 Total assets 1.150,000 Liabilities Current liabilities Accounts payable Bank overdraft Total current liabilities Non-current liabilities Bank loan Total liabilities Net assets Additional information 70,000 30,000 100.000 (Alt + A) 250.000 350.000 800,000 The assets and liabilities of Sole Ltd are fairly stated, except for the following: Buildings have a fair value of $400,000. Some of the inventory items cannot be used for production. The total inventory has a fair value of $50,000. Sole Ltd has a Trademark. The trademark was not recorded in the statement of financial position. It has a fair value of $500,000. Required Calculate the amount of goodwill